MediciNova (NASDAQ:MNOV) Stock Passes Above 200 Day Moving Average – Time to Sell?

MediciNova, Inc. (NASDAQ:MNOV)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.72 and traded as high as $2.08. MediciNova shares last traded at $1.99, with a volume of 31,933 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MNOV shares. D. Boral Capital started coverage on shares of MediciNova in a research report on Monday, December 2nd. They set a “buy” rating and a $9.00 price objective for the company. StockNews.com initiated coverage on MediciNova in a research report on Friday. They set a “hold” rating on the stock.

MediciNova Stock Performance

The stock’s fifty day moving average is $2.03 and its two-hundred day moving average is $1.73. The firm has a market cap of $96.13 million, a price-to-earnings ratio of -9.33 and a beta of 0.84.

Hedge Funds Weigh In On MediciNova

A hedge fund recently raised its stake in MediciNova stock. Geode Capital Management LLC grew its stake in shares of MediciNova, Inc. (NASDAQ:MNOV) by 10.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 505,966 shares of the biopharmaceutical company’s stock after buying an additional 47,201 shares during the quarter. Geode Capital Management LLC owned about 1.03% of MediciNova worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission. 9.90% of the stock is owned by institutional investors and hedge funds.

MediciNova Company Profile

MediciNova, Inc, a biopharmaceutical company, focuses on developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs in the United States. It is developing MN-166 (ibudilast), an oral anti-inflammatory and neuroprotective agent for treating neurological and other disorders, such as primary and secondary progressive multiple sclerosis, amyotrophic lateral sclerosis, chemotherapy-induced peripheral neuropathy, degenerative cervical myelopathy, glioblastoma, and substance dependence and addiction, as well as prevention of acute respiratory distress syndrome, and long COVID.